Sales at L.L.Bean up nearly 6%
Freeport-based retailer L.L.Bean has reported a 5.5% increase in sales in 2011, marking the second consecutive year of revenue growth.
The company's revenues were $1.52 billion for fiscal year 2011, an increase from FY 2010's revenues of $1.44 billion, according to The Associated Press. While sales did not hit an internal goal, they have approached pre-recessions levels of $1.6 billion, and employees will receive a 3% bonus. A retail analyst told The AP that L.L.Bean and other retailers benefited in 2011 as people who put off apparel purchases during the recession began buying again. L.L.Bean spokeswoman Carolyn Beem said the mild winter has hampered sales of skis and other outdoor gear.
The company's 2010 revenue was a 6% rise over 2009. Prior to 2010, the company's revenues had been on the decline for two years, dropping more than 6% from 2008 to 2009.
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